I for one, am glad to see more pros on ET like T-REX. Don't know if you are one of those guys who works for SAC, Quantum or for Paul Tudor Jones but thanks for being here. One on-going complaint I have with the Elite Trader forum is that the forum software has a bug or worm in it that inverts or reverses recommendations made by some posters mostly in the Journal section. For instance in this thread it is obvious that T-REX meant to say "buy @ 1004.75 STOP-LIMIT" this morning not "sell". A pro would obviously not sell into short-term strength without letting it dissipate first. This trade would have put him in at bottom tick (with the spread). Good job and cheerio! Once again, is it possible to fix this bug in the forum software pronto-pronto or sooner?
No, I was stopped out and now I'm flat. I will explain it further later this afternoon.........stay tuned!
Today's Volatility Break-Out Working Orders Sell @ 1004.75 Stop-Limit Buy @ 1015.00 Stop-Limit Initial profit target is 3.00 pts. The sell order was triggerd first which resulted in a 10.25 pts LOSS! = $50.00 x 10.25 = $525.00 LOSS! The buy order was triggerd 2nd which resulted in a 7 pt GAIN! $50.00 x 7.00 = $250.00 GAIN! Net Loss = $275.00 Today we examined the "Volatility Break-Out" I will be as brief as I can. I know that I wont be able to answer all of your questions. Here goes, Secret #2 The market gives you a high probability on direction without charts or technical indicators. A true Professional Trader knows how to look at price action without a chart and determine where to trade for the day. @ 10:30 am EST the professional money enters the market and will determine market direction until lunchtime. then the market will chop sideways until 1:30 - 2:00pm then momentum will usually pick up and around 3:00pm a new leg up or down is created i.e. (A new high or new low will be posted). That leaves 2 major trading oportunities each trading day. In short, if the morning high or low is not taken out by 2pm EST then look out .....here comes the reversal. Even if you don't have a strategy I have purposely deminstrated that it is possible to trade the volatility break out which has a 93% success rate. Lets go over the "Volatility Break-Out" rules again. Place a Buy Stop-Limit @ overnight High Place a Sell Stop-Limit @ overnight Low Which ever one is triggered first that is your trade direction and use the other order as either your trailing stop or your normal Stop-Loss. This is a great system and will work 93% of the time. This is not my best system but it is a great system. Tommorow we will examine this system more indepth and take a look @ its many variations & forms intra-day.
A gain? I understand the short at 1004.75, then the stop at 1015. But your earlier post at 2:58 EDT states: At 2:58, ES was about 1018, and never returned to 1015 as of this writing. So it seems to me that you did not buy ES at 1015. EDIT: I see that the times on ET do not adjust for DST, so that post was really at 1:58. And, you could easily have purchased ES at 1015 after that time, so I was wrong.
You're not missing anything, his posted results are not equivalent to his posted system. He posted that he wasn't doing a stop and reverse trade at 1015, then when the market closes he not only says that he in fact took the trade long, but he also didn't follow his 3 point profit target. Indeed we have a situation of that 7 point profit looking so juicy and that 10 point loss looking like such a black mark on what would otherwise be an unblemished first trade journal, that T-REX just couldn't help himself. I'd be willing to bet if the market closed at 1010 that T-REX would have not taken the SAR at 1015.
Good question! I don't use Stop & Reverse orders. Once the initial stop is triggered I go FLAT!!! Then I place the 1015 buy stop limit. That way it gives me time to re-enter the market with higher probability of ketching the break-out thus placing the odds in my favor. I hope this answers your questions?
No, it does not answer our questions I have asked you just after the trade if it was stop and reserve. You said "no I am flat". You did not not say "no, I am flat BUT I plan to enter long if.... and I have a limit order working" And you really make me laugh with your 93% success rate and your so-called "secrets". What a joke this journal is. I am out of it.
By the way, learn to count 50$ * 7 = 350 and not 250 So your loss for the day is 175 and not 275. But what is 100 bucks for someone who has a 93% success rate...